The U.S. dollar is the currency most used in international transactions. Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto capacity. It's known locally as a buck or greenback.

Two years after Singapore's independence from Malaysia in 1965, the monetary union between Malaysia, Singapore and Brunei broke down. Singapore issued its first independent coins and notes in 1967. Interchangeability with the Brunei dollar is still maintained.